Printer Friendly

NOBILITY HOMES, INC. ANNOUNCES IMPROVEMENT IN FIRST QUARTER 1993 SALES AND EARNINGS

 OCALA, Fla., March 15 /PRNewswire/ -- Nobility Homes, Inc. (NASDAQ: NOBH) reports that the first quarter of fiscal 1993 showed continued improvement in sales and earnings. Net sales were $4,718,260, up 53 percent from net sales of $3,080,431 in the first quarter last year. This increase reflects an improving market for the company's products brought about in part by favorable interest rates, improvement in the economy, and increased consumer confidence. Net earnings for the period were $447,177 or $.43 per share, a nearly 200 percent increase from earnings of $151,726 or $.15 per share for the same period last year.
 During the first quarter the company received a sizeable contract for emergency housing for South Florida where the aftermath of Hurricane Andrew's destruction had created heavy demand for manufactured homes. Sales to related parties of $1,737,221 were up $65,791 from $1,671,430 for the same period last year.
 In an effort to stimulate interest in the company among investors, the board of directors approved the engagement of Barry Kaplan Associates. Kaplan is experienced in working with smaller, undervalued companies and developing broader market interest for their stock. The communication program already in progress will allow a larger national audience of investors to become aware of the company's improved results. The goal of this program is to achieve increased shareholder value, resulting in a better understanding by investors of the company's opportunities for growth in Florida.
 The board also approved a plan, subject to compliance with applicable Securities and Exchange regulations, to buy back up to 100,000 shares of the company's common stock in open market purchases during 1993.
 Subsequent to the annual meeting of shareholders in February, the board of directors determined that it was appropriate to return the size of the board to five members as it had been prior to the retirement of Conrad Balentine. Tom Trexler was elected to fill this vacancy. Trexler received his bachelor's degree in finance from Stetson University in 1985 and worked with NCNB National Bank in Naples and Southwest Florida for over six years as vice president of Commercial Banking before becoming vice president of Operations for New World Communities, Inc. in 1991. New World Communities is involved in marketing and management of manufactured home communities in Florida.
 Although the storm related shipments to the South Florida market have softened, sales for the company's second quarter remain strong. With continued improvements in the economy, stabilization of the lumber and plywood markets, and with additional exclusive Nobility Dealers added to our Dealer base, management is optimistic about this fiscal year.
 NOBILITY HOMES, INC.
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
 Jan. 30, Feb. 1,
 1993 1992
 Net sales $2,981,039 $1,409,001
 Net sales-related parties 1,737,221 1,671,430
 Total sales 4,718,260 3,080,431
 Cost of goods sold 3,925,549 2,600,187
 Gross profit 792,711 480,244
 Selling, general and
 administrative expenses 360,196 169,587
 Total 432,515 310,657
 Other income (expense):
 Interest income 14,500 3,861
 Interest expense (4,050) (4,050)
 Miscellaneous 4,212 12,234
 Total 14,662 12,045
 447,177 322,702
 Provision for doubtful
 accounts-related parties --- (170,976)
 Income before provision for income
 taxes and extraordinary item 447,177 151,726
 Provision for income taxes 168,000 45,000
 Income before extraordinary item 279,177 106,726
 Extraordinary item resulting from
 tax benefit from utilization of
 net operating loss carryforward 168,000 45,000
 Net income 447,177 151,726
 Retained earnings,
 beginning of period 3,335,124 3,129,416
 Retained earnings, end of period $3,782,301 $3,281,142
 Earnings per share:
 Income before extraordinary item $ .27 $ .10
 Extraordinary item .16 .05
 Net income $ .43 $ .15
 Shares outstanding 1,034,838 1,034,838
 -0- 3/15/93
 /CONTACT: John Cramer, treasurer of Nobility Homes, Inc., 904-732-5157/
 (NOBH)


CO: Nobility Homes, Inc. ST: Florida IN: CST SU: ERN

AW-JJ -- FL014 -- 6087 03/15/93 14:02 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 15, 1993
Words:676
Previous Article:GRACE ANNOUNCES AGREEMENTS TO SELL GRACE OFFSHORE COMPANY
Next Article:GENERAL MILLS EPS UP 12 PERCENT IN THIRD QUARTER BEFORE UNUSUAL ITEMS
Topics:


Related Articles
FLEETWOOD ANNOUNCES FIRST QUARTER EARNINGS
NOBILITY HOMES, INC. NINE MONTHS' NET INCOME UP 41%, BACKLOG HITS RECORD LEVELS, AND BALANCE SHEET SHOWS STRONG CASH POSITION
NOBILITY HOMES, INC. FISCAL YEAR SALES UP 19%, CONTINUED STRONG BACKLOGS
N0BILITY HOMES, INC. ANNOUNCES INCREASE IN SALES AND EARNINGS FOR ITS FIRST QUARTER ACQUISITION COMPLETED
NOBILITY HOMES, INC. ANNOUNCES 23% INCREASE IN SECOND QUARTER SALES
NOBILITY HOMES, INC. ANNOUNCES 24% INCREASE IN SALES AND 40% INCREASE IN EARNINGS FOR ITS SECOND QUARTER
Nobility Homes, Inc. Announces 30% Increase In Sales And 26% Increase In Earnings For Its Third Quarter
Nobility Homes, Inc. Announces Record Fiscal Year Sales Up 18%, Operating Income Up 42%
Nobility Homes, Inc. Announces Increase In Sales And Earnings For Its First Quarter And Pending Acquisition
Nobility Homes, Inc. Announces 8% Increase In Sales And 32% Increase In Earnings For Its Third Quarter, Acquisition Closed And Stock Repurchase...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters